Help with mums ppi claim

Campbell15

Good afternoon, my Mum had a loan years ago through PEN Finance Ltd. she has managed to track them down and they are now under Prestige finance. The loan was originally for £12000 and she paid this off maybe 8 year ago. Total loan amount paid back was over £29000 or more. Prestige have offered £1200 and she’s to claim through premier writers for the full amount. Does this sound dodgy? I think she is owed thousands and is being lied to and she worked really hard all her life and deserves a little luck with this. Any help would be greatly appreciated.

[Deleted User]

What exactly have they said? Who are premier writers?

You don't 'claim' for any money - she needs to submit a complaint to whoever sold her the policy.

Campbell15

They said she can accept the money from them at £1500 for compensation for being Mis-sold but premiers writes are liable for the rest. Premier writers are the underwriters for the loan she got.

[Deleted User]

£1200 or £1500? Which is it?

Campbell15

It’s £1500, but does that really matter!

[Deleted User]

Campbell15 wrote: »

does that really matter!

Not if it doesn't matter to you..

Campbell15

I think they are trying to pull the wool over her eyes! I’ve told her to contact ombudsman

[Deleted User]

Don't tell her that.

She needs to go through the firm's own complaint procedure first.

antrobus

Campbell15 wrote: »

Good afternoon, my Mum had a loan years ago through PEN Finance Ltd. she has managed to track them down and they are now under Prestige finance. The loan was originally for £12000 and she paid this off maybe 8 year ago. Total loan amount paid back was over £29000 or more. Prestige have offered £1200 and she’s to claim through premier writers for the full amount. Does this sound dodgy? I think she is owed thousands and is being lied to and she worked really hard all her life and deserves a little luck with this. Any help would be greatly appreciated.

PEN Finance Ltd appear to be brokers based in Kent. Prestige Finance Ltd seem to do second charge loans, and are part of One Savings Bank.

I'd presume that PEN sold your mother the loan from Prestige Finance. The former isn't under the latter, as far as I can see.

Have Prestige explained why they have offered £1,200?

Campbell15

They have stated that it’s repayment of the excess commission over 50%.

Prestige were the ones who sold the loan through PEN finance who apparently no longer exist, but they say it lies with premier writers limited. They have not provided any support this was passed to premier writers. But have stated they are liable to pay the missold ppi. We have been though the full complaints procedure with the company and getting nowhere and they’re pushing to accept the offer

[Deleted User]

Campbell15 wrote: »

They have stated that it’s repayment of the excess commission over 50%.

That's a Plevin refund.
It simply means your PPI mis-selling complaint has failed.

It's certainly interesting that they are referring you elsewhere if they were the sellers, but it appears that you are confused.
Prestige didn't sell you the PPI, that would be the (now defunct) PEN.

Campbell15 wrote: »

They have not provided any support this was passed to premier writers.

What kind of "support" were you expecting?